Sygnum Singapore, an extension of the Swiss-based Sygnum Bank, has acquired a coveted Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) on October 3. This license is a testament to Sygnum’s commitment towards fostering a regulated crypto environment, allowing it to extend its crypto brokerage services to accredited investors and institutions in Singapore.
In a remarkable turnaround, Sygnum Singapore transitioned from in-principle approval to a full license in just four months, reflecting the robust regulatory framework and the proactive approach of the MAS. The license also comes after Sygnum Singapore secured in-principle approval for three additional regulated activities under its capital markets services license in March 2022.
Amplifying Service Offerings
With the MPI license in its arsenal, Sygnum Singapore is now poised to offer digital payment token (DPT) trading services to its clientele, which comprises institutional investors, corporate clients, high-net-worth individuals, and other financial institutions. This move significantly broadens the spectrum of services available to its clients.
Eyeing Broader Horizons
The spokesperson from Sygnum Singapore conveyed the firm’s aspirations to extend its regulated offerings beyond Singapore, targeting other lucrative markets in the Asia-Pacific region, including Hong Kong. The MPI license is indeed a catalyst in bringing more of Sygnum’s suite of fully regulated crypto offerings to its Singapore clientele, while also setting the stage for a broader market penetration in the APAC region.
A Vibrant Crypto Ecosystem
The recent licensing achievement of Sygnum Singapore comes in close heels with Coinbase also securing an MPI license from MAS. With more than 30% of Singaporeans being current or past owners of crypto, as per a recent survey by Coinbase, the evolving regulatory landscape in Singapore is undoubtedly fostering a more vibrant and competitive crypto ecosystem.